154: The First 5 Steps to Starting Your Own Business or Side Hustle [Podcast]

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What are the first 5 steps to starting your own business or side hustle?

You could do what most people do when they start a business.

Write a business plan. Yes, get bogged down in the nasty details that really will not matter nor be read by anyone.

Go find funding — usually a loan.

Avoid these stupid steps for almost everyone.

Here is what to do instead.

 

The First 5 Steps to Starting Your Own Business or Side Hustle (Podcast Outline)

1. Find a problem to solve.

Make sure the problem is for real people.

• • Helping people take care of their lawns.
  • Pressure washing their drives.
  • Reducing accidents in manufacturing plants by doing periodic safety assessments.
  • Assisting online marketers to be more productive by being their virtual assistant.

Avoid things that are not real problems people have.

• • Saving the environment.

2. Who is the customer who will pay?

A business or an individual. If you cannot figure this out – move on.

Sometimes these poorly defined ideas leave you looking for who your customer is.

• • Services that help teachers teach in public schools -who buys. Teacher or school?
  • Medical service to help patients – who pays? Doctor in office or each patient?

3. Create an offering and make it simple.

Example of a tree service company.

• • Cut down – $500
  • Cut down and Haul Off – $800
  • Cut down, haul off, grind the stump – $1000

4. Find an inexpensive way to get your offering in front of your customers.

• • Not cheap – inexpensive.
  • Experiment with things quickly.

5. Offer your services repeatedly.

• Repeat what works, stop what does not.
• Decide how many times you need to repeat your offer. (Daily, weekly, monthly)
• When you think you are repeating too much – do more.
• It can take 15 or more times before they pay attention to you.

 

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Shout Out

What are you waiting for?
LANSDON
★★★★★

If you want to shift the vector of your career…. and your life, this is the podcast for you. Dale has a way of combining positive and practical constructive criticism with motivation, encouragement, and how-to. Company of One flips the tables upside down and will give you a new perspective on self, life, and work. His angles may be unconventional but his results can’t be denied. Of course, I may have a bias considering I’m a student of his university executive master’s degree program. Since discovering Dale, my perspective on almost all things has changed and his advice is helping me discover the life I was meant to lead.

 

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Links mentioned in this episode:

• Adam’s Photography Business – Angie Lansdon Photography
• Episode 119: Developing an Entrepreneurial Mindset
• Master of Engineering Management in Information Engineering and Management